The global power metering market is growing at a rapid pace. The market growth attributes to the global standard for smart energy metering, leveraging an adaptation layer. Power metering is an electronic device designed to measure, monitor, and billing of energy consumption. Besides, rising uses of smart power meters in the utilities and energy industry drive the growth of the market. Moreover, increasing environmental concerns and technological upgrades escalate market growth.
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According to Market Research Future (MRFR), the global power metering market is estimated to garner exponential valuation by 2022. MRFR, in its recent analysis, asserts that the market is projected to expand at an impressive CAGR during the forecast period (2016 – 2022). Augmenting demand for smart metering from the burgeoning electrical and industrial industries is a major driving force for market growth. Also, advantages of power meters, such as low maintenance cost and high operating efficiency, boost market growth.
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Additionally, rising government initiatives and mandates to implement digital panel meters, especially in household applications, boost market growth. Features such as relevant data metrics and two-way communication that smart meters offer, substantiate the market’s growth. Commercial applications of these panel meters are increasing, too, accelerating the market size.
Furthermore, the expanding applicability of virtual net metering for renewable consumers influences market growth. With virtual net metering, consumers can own a part of a collectively-owned solar power generating system. State-owned utilities worldwide are amending regulations on group net metering and virtual net metering for renewable energy, which, as a result, drives the growth of the market.
Increasing demand for power metering as well as governments’ focus towards grid infrastructure are major tailwinds pushing the power metering market. On the flipside, issues related to privacy and standardization of the power meter are major factors projected to impede the market growth. Nevertheless, growing infrastructures, government projects, and rising numbers of smart city projects worldwide would support market growth throughout the review period.
Global Power Metering Market – Segments
The report is segmented into four dynamics;
By Type : Smart, Digital, and Analog.
By Phase : Single-Phase and Three-Phase.
By Application: Residential, Commercial, and Industrial.
By Regions : North America, Europe, APAC, and Rest-of-the-World (RoW).
Global Power Metering Market – Regional Analysis
North America dominates the global power metering market. The largest market share attributes to the extensive uptake of smart meters in the power industry and rapidly advancing technologies. Besides, the presence of notable industry players and well-established utilities in the region drive the market’s growth.
Moreover, the rising electric utility rates and breached rules around energy consumption among domestic consumers boost market growth. The US accounts for the leading share in the regional market owing to the proliferation of the energy industry. The North American power meter market is projected to retain its dominance throughout the estimated period.
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Europe stands second in the global power metering market. The market growth is driven by increasing energy consumption and rising technological advances. Additionally, increasing R&D investments to develop smart meters and government initiatives and roll-outs in the region fosters market growth. The European power meter market is expected to witness substantial growth during the assessment period.
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